Forex Signals Brief for Nov 27: Is The Market Confidence Coming Back?
Rowan Crosby • 2 min read
It’s fair to say that there hasn’t been great sentiment in many of the major markets recently. We’ve seen strong selling in equities, oil and of course Bitcoin.
Today we get a look at US consumer confidence, which will be a timely reminder of just how we are all thinking about the health of the financial system.
It is also a good lead-in as we have the most important data points of the week coming up in both US GDP and the FOMC minutes, where investors are looking for some positive news.
Equities, the USD and oil all bounced yesterday, so traders will be looking for a positive result and hopefully some follow-through in as the week progresses.
Forex Signal Update
The FX Leaders Team had a huge day yesterday, nailing 7 straight winners to get the week rolling with a bang.
Gold – Pending Signal
Gold has been a great long trade so far since it bounced off the 1200 level. We made a nice profit yesterday and will be waiting on another opportunity. The momentum is slowing a touch so we need to be a little cautious.
DAX- Pending Signal
The bounce came in equity markets yesterday and as we thought it might the DAX outperformed to the upside. If we get a hint of buying early this one might be a nice momentum play.
Bitcoin and the other major cryptocurrencies have continued their fall as the $4,000 level simply couldn’t hold up. All the majors are falling and as yet there appears to be no end in sight.
We are now looking at a potential test of the lows as $3,500 and if that gets taken then we are highly likely to test $3,000.
The panic selling is high at the moment, so we just need to hold on for the ride and not look to pick any bottoms just yet.